ShareChat, an Indian social network backed by Twitter has raised new rounds of funding. It reported that it has raised $40 million from investors after it added tens of millions of new users in the recent lockdown period. ShareChat solely focuses on Indian users, that too in non-English native languages. It offers content in almost all the major languages across India, namely, Hindi, Tamil, Telugu, Kannada, Bengali, Gujarati, etc., which garners it to many dedicated users which are not very comfortable with English.
The Bangalore based startup said Dr. Pawan Munjal, chief executive and chairman of giant two-wheeler manufacturer Hero MotoCorp, Ajay Shridhar Shriram, chairman of chemical manufacturing company DCM Shriram, and existing investors Twitter, SAIF Partners, Lightspeed Ventures, and India Quotient financed the new round of capital.
The new investment will help ShareChat better support creators on its platform, Ankush Sachdeva, co-founder, and chief executive of ShareChat, told in an interview. ShareChat had also launched the short-video app Moj in early July, after the ban of TikTok in India. Apart from Moj, many other companies launched their version of TikTok style short videos, like MX Takatak, Instagram Reels, ZEE5 HiPi. However, as Moj was early to launch, it attracted a potentially more number of creators and users.
“India could never have dreamt of having a homegrown social media platform, had ShareChat not embarked on the impossible in 2015. ShareChat’s success has given immense hope to India’s startup fraternity, and motivated entrepreneurs to take audacious bets in India’s internet ecosystem,” said Madhukar Sinha, partner at India Quotient, one of the earliest backers of ShareChat.
According to the company, ShareChat and Moj have 240 million monthly active users. Amidst the IPL 2020, ShareChat has also quietly launched a fantasy sports app called Jeet11. ShareChat’s total funding to date now stands at $264 million and its valuation is over $650 million.
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